The Executive Directors approved an additional credit in the amount of SDR 64.5 million (US$100 million equivalent), a US$200 million guarantee operation for an additional series of Development Association (IDA) partial risk guarantees, and a project ... See More +The Executive Directors approved an additional credit in the amount of SDR 64.5 million (US$100 million equivalent), a US$200 million guarantee operation for an additional series of Development Association (IDA) partial risk guarantees, and a project restructuring for the Electricity and Gas Improvement Project for the Federal Republic of Nigeria on the payment terms and conditions set out in the President's Memorandum. Directors also approved a waiver of Operational Policy 14.25. Directors supported the Government's efforts to reform the power sector by securing long term gas supplies and by providing investment funding to realize tangible benefits for consumers, including improved quality and reliability of electricity supply, particularly for the most vulnerable. The need to relieve remaining capacity bottlenecks was highlighted, particularly in the transmission and distribution systems required to deliver the increased power generation and improved electricity services. Directors noted implementation risks and the related governance challenges and underscored the importance of capacity building to support the government's long term agenda. Directors stressed the importance of private sector participation in promoting power sector development. They also reiterated the need for continued dialogue with the Government and collaboration with other donors to assure timely and successful completion of the project and achievement of the project development objectives.
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